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Minnesota Historic tax credits

Vacant and deteriorating for more than 25 years, a plan to fix up the old Hollywood Theater is shuffling forward.

Local developer Andrew Volna has agreed to purchase the theater from Minneapolis for $1 and pay for a number of initial, mostly exterior building improvements that would preserve its historic character.

The deal gives Volna 22 months to complete an estimated $500,000 worth of repairs, including restoration of the theater’s façade, marquee, canopy, outer lobby and ticket booth, and preservation of historic elements in the inner lobby and main auditorium.